Best Place for a Small Loan

[Spooner]

I'd like to take out a small loan to put toward the purchase of a used vehicle. Where is the best place to achieve this? What percentage would I be looking at?

 

[CRXican]

credit union

rate depends on credit score

 

[StageLeft]

Originally posted by: CRXican
credit union

rate depends on credit score

And age of vehicel!

 

[Mayfriday0529]

When i got my car i first went to a bank to ask about a loan and i explain to them what i wanted to do with the money. They told me the rates would be higher and it be best to go to a dealership where i could get better offers.

 

[akubi]

capital one auto loans and penfed are the standard online routes for car loans. % depends on your credit score but the capital one and penfed are supposed to give one of the best deals

 

[Spooner]

What would a typical monthly payment look like?

 

[Mayfriday0529]

Originally posted by: Spooner
What would a typical monthly payment look like?

Depends on the rate you get and how many months.

 

[Ausm]

Credit union would be the place to go.


Ausm

 

[PunDogg]

how about a 10k loan to start a small business?? anyplace for that?? and do u think its worth getting 10k for a business or just getting a 10k line of credit from a bank

Dogg

 

[Spooner]

best rate I'm seeing for a used private party is 7%

My credit is excellent

Dayum.

 

[Mayfriday0529]

Originally posted by: Spooner
best rate I'm seeing for a used private party is 7%

My credit is excellent

Dayum.

Whats your FICO score?

 

[Spooner]

Can't remember exactly. But it was in the 700's

 

[Spooner]

Wow. Penfed seems to have rates at 4.25%

 

[Amplifier]

I suggest the mafia.

 

[Spooner]

why are Penfed's rates drastically different?

 

[Spooner]

Originally posted by: Spooner
why are Penfed's rates drastically different?

and here's my answer:

You are immediately eligible to join if you answer yes to any of the following questions:
1. Do you have a family member or housemate who is a member of Pentagon Federal or is eligible to join?
2. Do you work at the Pentagon Building?
3. Are you active or retired from the U.S. Army, U.S. Air Force, or Coast Guard?
4. Are you Reserve, National Guard, or ROTC - Advanced Cadet with any of the above?
5. Are you a civilian employed by, or retired from:
* Department of Defense?
* Department of Homeland Security?
* Department of the Army?
* Department of the Air Force?
6. Are you a MEMBER of any eligible organization?
7. Are you EMPLOYED by any eligible companies or organizations?
8. Are you assigned to, work at, or receiving benefits from any military related installations?
9. Do you work at the TransPotomac Plaza or Canal Center Plaza in Alexandria, VA?
10. Would you be willing to join the National Military Family Association (NMFA) in order to become eligible to join Pentagon Federal Credit Union?

I don't qualify.

 

[akubi]

Originally posted by: Spooner
why are Penfed's rates drastically different?

you have to be US military personnel or join their program for a small one time fee (20 bucks I think)

 

[Spooner]

yeah, looks like you have to join the National Military Family Association (NMFA) for $20 a year. I think that works out to get the amazing auto loan rate.

 

[Praetorian7]

If you take an actual "used car loan" or "car loan" from a lender you will more than likely have a lien on your vehicle and will also have to pay for full coverage insurance...While those car loans usually have a lower interest rate than that of a signature loan you need to do the math and see which will cost you less in the long run if you don't absolutely need full coverage insurance.

 

[Ausm]

Originally posted by: Spooner

Originally posted by: Spooner
why are Penfed's rates drastically different?

and here's my answer:

You are immediately eligible to join if you answer yes to any of the following questions:
1. Do you have a family member or housemate who is a member of Pentagon Federal or is eligible to join?
2. Do you work at the Pentagon Building?
3. Are you active or retired from the U.S. Army, U.S. Air Force, or Coast Guard?
4. Are you Reserve, National Guard, or ROTC - Advanced Cadet with any of the above?
5. Are you a civilian employed by, or retired from:
* Department of Defense?
* Department of Homeland Security?
* Department of the Army?
* Department of the Air Force?
6. Are you a MEMBER of any eligible organization?
7. Are you EMPLOYED by any eligible companies or organizations?
8. Are you assigned to, work at, or receiving benefits from any military related installations?
9. Do you work at the TransPotomac Plaza or Canal Center Plaza in Alexandria, VA?
10. Would you be willing to join the National Military Family Association (NMFA) in order to become eligible to join Pentagon Federal Credit Union?

I don't qualify.

Maybe if you were arrested once by the Fed's you would qualify?

Ausm

 

[RossMAN]

Originally posted by: Praetorian7
If you take an actual "used car loan" or "car loan" from a lender you will more than likely have a lien on your vehicle and will also have to pay for full coverage insurance...While those car loans usually have a lower interest rate than that of a signature loan you need to do the math and see which will cost you less in the long run if you don't absolutely need full coverage insurance.

Agreed.

You can apply for either a used car loan (recommended but full insurance will be required) or a personal loan. Personal loan rates are considerably higher though.

What monthly payment are you comfortable with?
What loan term (how many years/months)?

 

[Spooner]

Originally posted by: RossMAN
What monthly payment are you comfortable with?
What loan term (how many years/months)?

Most likely a 48 month loan.

I'd like to keep my payments around $250.

 

[mchammer187]

Originally posted by: Spooner

Originally posted by: Spooner
why are Penfed's rates drastically different?

and here's my answer:

You are immediately eligible to join if you answer yes to any of the following questions:
1. Do you have a family member or housemate who is a member of Pentagon Federal or is eligible to join?
2. Do you work at the Pentagon Building?
3. Are you active or retired from the U.S. Army, U.S. Air Force, or Coast Guard?
4. Are you Reserve, National Guard, or ROTC - Advanced Cadet with any of the above?
5. Are you a civilian employed by, or retired from:
* Department of Defense?
* Department of Homeland Security?
* Department of the Army?
* Department of the Air Force?
6. Are you a MEMBER of any eligible organization?
7. Are you EMPLOYED by any eligible companies or organizations?
8. Are you assigned to, work at, or receiving benefits from any military related installations?
9. Do you work at the TransPotomac Plaza or Canal Center Plaza in Alexandria, VA?
10. Would you be willing to join the National Military Family Association (NMFA) in order to become eligible to join Pentagon Federal Credit Union?

I don't qualify.

you just need a member of your family (can be distant) that is eligible to join

you're telling me you dont have at least one distant cousin in the military?

otherwise you can do option 10 join a national military family association and all it requires is a $10 donation and blamo you are eligible to join penfed

 

[RossMAN]

Originally posted by: Spooner

Originally posted by: RossMAN
What monthly payment are you comfortable with?
What loan term (how many years/months)?

Most likely a 48 month loan.

I'd like to keep my payments around $250.

I would suggest using an auto loan calculator

$10,000.00 @ 7.00% for 4 years = $239 per month :thumbsup: